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Burmese president Thein Sein's government deserves credit for the country’s ambitious political and economic liberalization program, but there is still a non-negligible risk that Burma’s reform process will fall apart, or serious risk that it will stall. Last week, the Paris Club of donor nations wrote down $6 billion of the $11 billion owed by Burma for development projects dating back to the 1980s, and the multilateral financial institutions and regional development banks received payment from Japan to clear arrears, a prerequisite to new lending. As a result, there will be plenty of opportunities for businesses to capitalize on projects funded by lending programs from international institutions, bilateral subsidized loans, and foreign aid. While the risks from endemic...